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Economics Final

Total questions: 78

Worksheet time: 3615secs

Name
Class
Date
1.
What is scarcity? 
a)
Giving something up to have something else
b)
Extra cost of production
c)
The condition that results form having unlimited wants with limited resources
d)
Rise in general level of prices and workers need more money
2.
Which of the following is NOT a natural resource?
a)
Oil
b)
Water
c)
Car
d)
Air
3.
Which of the following IS a capital resource?
a)
Wood
b)
Computer
c)
Labor
d)
Knowledge
4.
What happens when demand is bigger than supply?
a)
Deflation
b)
Surplus
c)
Demand
d)
Shortage
5.

The gross national product of a country would be studied in:

a)

Microeconomics

b)

Macroeconomics

c)

Business relations

6.

Why someone chooses to buy one product over another is included in the study of ____________.

a)

Microeconomics

b)

Macroeconomics

c)

Business relations

7.

Roads, ports, internet networks, airports are examples of

a)

human capital

b)

infrastructure

c)

land

d)

labor

8.

A stove would be an example of a __________

a)

Natural resource

b)

Human Resource

c)

Capital resource

9.

A bank teller is an example of a _____________.

a)

Capital resource

b)

Natural resource

c)

Human resource

10.

A tuna would be classified as a _________.

a)

Capital resource

b)

Natural resource

c)

Human resource

11.

What is Marginal Advantage (Analysis)?

a)

Making a decision by comparing costs and benefits

b)

Making a decision by comparing scarcity and choice

c)

Living on the edge because you have an advantage

d)

The advantage of using margarine

12.
On this PPC, which point is efficient? 
a)
A
b)
C
c)
D
d)
None
13.
On the PPC, which point is inefficient?
a)
A
b)
B
c)
C
d)
D
14.
On the PPC, which point is unobtainable?
a)
A
b)
B
c)
C
d)
D
15.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
16.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
17.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
18.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
19.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
20.
The amount of goods available is called what?
a)
Surplus
b)
Opportunity Cost
c)
Demand
d)
Supply
21.
How much a good is wanted by the population is called what?
a)
Shortage
b)
Supply
c)
Demand
d)
Scarcity
22.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
23.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
24.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
25.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
26.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
27.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
28.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
29.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
30.
Which statement expresses a central idea of how the laws of supply and demand work?
a)
The government sets the prices for goods and services.
b)
Prices are determined by the interaction of producers and consumers.
c)
Consumers alone determine the prices for goods and services.
d)
Technology dictates the prices charged for goods and services.
31.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
32.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
33.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
34.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
35.

When the demand curve shifts to the left, this suggests demand has

a)

increased

b)

decreased

c)

Quantity demanded has increased

d)

Quantity demanded has decreased

36.

When the demand curve has shifted to the right, this suggests demand has

a)

increased

b)

decreased

c)

quantity demanded has increased

d)

quantity demanded has increased

37.

When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior?

a)

Substitution Effect

b)

Income Effect

c)

Complement Goods

d)

Consumer expectations

38.

When price increases, quantity supplied

a)

increases

b)

decreases

39.

What is the goal of a firm?

a)

to make profits

b)

to maximize profits

c)

to maximize revenue

d)

none of the above

40.

What is the profit maximizing condition?

a)

MR = D

b)

MR = MC

c)

MC = D

d)

D = Profits

41.

Check all that apply: Which of the following are characteristics of a perfectly competitive market?

a)

Many buyers/sellers

b)

Identical Products

c)

Price Makers

d)

Low barriers of entry

42.
What type of GDP is calculated with the current year's prices?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
43.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
44.
Expectant parents buy supplies for the nursery.  Would this be included in GDP? 
a)
Yes - Consumer Spending
b)
Yes - Investment 
c)
No - Intermediate goods
d)
No - Non-market activity
45.
The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry.  Is this included in GDP?
a)
Yes - Consumer spending
b)
Yes - Government Spending
c)
No - Underground Economy 
d)
No - Non-market activity 
46.
GDP is calculated by
a)
adding up the cost of goods used in producing the item
b)
subtracting all costs from total revenue
c)
adding consumption + investment +government spending+ (exports sold - imports bought)
47.
Which is an example of investment in human capital?
a)
trucks
b)
factories
c)
education
d)
highways
48.
Mark always changes his own oil.  Is this effort counted in GDP?
a)
No - Black Market
b)
No - Non-market Activity
c)
No - Unreported Income
d)
No - Purely financial transaction 
49.
What does Per Capita Mean?
a)
Per Household
b)
Per Object
c)
Per Worker
d)
Per Person
50.

In which part of the GDP calculation does this fit?

The US military spends $5 billion on five new helicopters.

a)

Consumer spending

b)

Government spending

c)

Investment spending

d)

Net exports

51.

In which part of the GDP calculation does this fit?

You spend $15 at AMC to see the latest Avengers movie.

a)

Consumer spending

b)

Government spending

c)

Investment spending

d)

Net exports

52.

In which part of the GDP calculation does this fit?

The local taxi service purchases new vehicles for the

company.

a)

Consumer spending

b)

Government spending

c)

Investment spending

d)

Net exports

53.

In which part of the GDP calculation does this fit?

Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods.

a)

Consumer spending

b)

Government spending

c)

Investment spending

d)

Net exports

54.

Real GDP

a)

distorts the price level in the GDP

b)

expresses GDP in constant prices

c)

measures only intermediate goods

d)

is another term for GNP

55.

Which statement describes full employment?

a)

Everybody who wants a job has a job

b)

There is no unemployment at all

c)

There is no cyclical unemployment

d)

There is no structural unemployment

56.
GDP that is adjusted for inflation
a)
real GDP
b)
nominal GDP
c)
price level
d)
net national product
57.

a woman who lost her job due to a decrease in sales during a recession in the economy is...

a)

frictionally unemployed

b)

structurally unemployed

c)

technologically unemployed

d)

cyclically unemployed

e)

seasonally unemployed

58.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

59.

When GDP rises faster than the long-run trend the economy is experiencing-

a)

recession

b)

expansion

c)

recovery

60.

Unemployment measures...

a)

the value of all final goods and services produced

b)

an increase in the general price level

c)

the percentage of people looking for work that can't find it

d)

the economic freedom an economy offers

61.

Which of the following is a peak?

a)

A

b)

B

c)

C

d)

D

62.

Which of the following is a recession, or contraction?

a)

A

b)

B

c)

C

d)

D

63.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

64.

Which of the following equations represents Aggregate Demand

a)

GDP = X + I + C + (Y - Z)

b)

GDP = C + I + G + (X - M)

c)

GDP = C + I + X + (G - T)

d)

GDP = (1/MPS)*G + I + C

65.

____________ refers to the total value of final goods and services which all the sectors of an economy are planning to buy at a given level of income during a period of one accounting year.

a)

aggregate demand

b)

aggregate supply

66.

_____________ refers to the money value of goods and services that all the producers are willing to supply in an economy in a given time period.

a)

Aggregate demand

b)

Aggregate supply

67.

When taxes decrease, consumption

a)

increases, so aggregate demand shifts right

b)

increases, so aggregate supply shifts right

c)

decreases, so aggregate demand shifts left

d)

decreases, as aggregate supply shifts left

68.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
69.
Influencing the economy by changing the reserve requirement is called:
a)
Fiscal policy
b)
Monetary policy
c)
Tight Money
d)
Easy Money
70.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
71.
If the economy is expanding too quickly, the Federal Reserve will institute which type of monetary policy?
a)
Expansionary
b)
Contractionary
c)
Equanimitous
d)
Whole Dollar
72.

The current chairperson of the Federal Reserve is:

a)

Jerome Powell

b)

Alan Greenspan

c)

Ben Bernanke

d)

Janet Yellen

73.
The central bank of the United States is the:
a)
Federal Reserve Banking System.
b)
Comptroller's Bank.
c)
United States National Bank.
d)
U.S. Treasury Bank.
74.

The tools and strategies used by the Fed to stabilize the economy are called...

a)

Fiscal policy

b)

Monetary policy

c)

Tight Money

d)

Easy Money

75.
Who is in charge of fiscal policy?
a)
Government
b)
Federal Reserve
76.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
77.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
78.
The federal government's overall approach to spending and taxes is called
a)
Physical Policy
b)
Fiscal Policy
c)
Money
d)
Monetary Policy

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